Severstal increases its free float

Moscow, Russia - 7 May 2021 - PAO Severstal (MOEX: CHMF; LSE: SVST), one of the world's leading steel and steel-related mining companies, is pleased to inform that it has completed the last transaction for the  alienation of global depositary receipts (GDR's) as part of the conversion of the $250 million Zero Coupon Convertible Bonds due 2022 issued in 2017 (the "Bonds").

The conversion was carried out as part of the exercise by  the Bondholders of their right to convert their Bonds into Severstal's GDR's, subject to the Issuer's right to pay to the Bondholders the corresponding cash equivalent of Severstal's GDRs at its discretion.

On 24 March 2021, the Issuer published an Option Redemption Notice, according to which 28 April 2021 was set as the last day on which the Bondholders could exercise their right to convert the Bonds into Severstal's GDRs.

As a result of exercise by the Bondholders of their conversion rights in respect of the Bonds, a total of 11,937,016 Severstal's GDRs were placed on the market from 24 March 2021 to 7 May 2021. The conversion was effected  by treasury GDRs owned by companies controlled by PAO Severstal. Thus, the percentage of shareholding of our investors has not changed. The percentage of free float shares rose by 1.28 p.p. from 21.69% to 22.97% of the company's share capital.

For further information, please contact:

Severstal Investor Relations

Vladimir Zaluzhsky, Nikita Klimantov, Elena Korotkova

T: +7 (495) 926-77-66

Severstal Public Relations

Anastasia Mishanina

T: +7 (495) 926-77-66

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PАО Severstal is one of the world's leading vertically integrated steel and steel related mining companies, with assets in Russia, Latvia and Poland. Severstal is listed on MOEX and the company's GDRs are traded on the LSE. Severstal reported revenue of $6,870 million and EBITDA of $2,422 million in 2020. Severstal's crude steel production in 2020 reached 11.3 million tonnes.